What the experts are saying about STEP-T

70% fracking and then they have coil tubing. They are pretty cheap. They are doing reasonably well. It is really, really cheap. The two biggest shareholders are funds so liquidity is an issue Buy on weakness; he would have a target of $5.

70% fracking and then they have coil tubing. They are pretty cheap. They are doing reasonably well. It is really, really cheap. The two biggest shareholders are funds so liquidity is an issue Buy on weakness; he would have a target of $5.

He is extremely active in trading in his fund. He may recommend a stock today, but get out of it next month because of situations. They put out a horrible Q4. Their entry in the US was horrific timing. He is not comfortable with this name anymore.

He is extremely active in trading in his fund. He may recommend a stock today, but get out of it next month because of situations. They put out a horrible Q4. Their entry in the US was horrific timing. He is not comfortable with this name anymore.

(A Top Pick Feb 09/18, Down 80%) He sold at over $10. They did a horrifically timed US acquisition. He also didn't like the predatory cutting of rates to steal two Trican customers. He will never invest in them again.

(A Top Pick Feb 09/18, Down 80%) He sold at over $10. They did a horrifically timed US acquisition. He also didn't like the predatory cutting of rates to steal two Trican customers. He will never invest in them again.

(A Top Pick Jan 05/18, Down 82%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. A pure pressure-pumper play. With a lack of interest in the service sector, he got out above $10. He does not like their pricing structure and does not support management's aggressive pricing strategy.

(A Top Pick Jan 05/18, Down 82%) He sold out of this when it became apparent oil prices were not going to finish above $70 per barrel by year end. A pure pressure-pumper play. With a lack of interest in the service sector, he got out above $10. He does not like their pricing structure and does not support management's aggressive pricing strategy.

There is a battle for market share in Alberta. They are trying to keep their crews busy. There will be a shortage of manpower in the second quarter. They are in a fight with TCW-T. They are both 50-70% down. STEP has 50% debt and it is justified by the equipment. He is looking at it as a name he would look at going forward. Tax loss selling lasts into December.

There is a battle for market share in Alberta. They are trying to keep their crews busy. There will be a shortage of manpower in the second quarter. They are in a fight with TCW-T. They are both 50-70% down. STEP has 50% debt and it is justified by the equipment. He is looking at it as a name he would look at going forward. Tax loss selling lasts into December.

He would avoid this. They were overly aggressive in giving pricing concessions to two major customers. There are several overhangs. He would avoid pressure pumpers in general and more specifically avoid this name.

He would avoid this. They were overly aggressive in giving pricing concessions to two major customers. There are several overhangs. He would avoid pressure pumpers in general and more specifically avoid this name.

(A Top Pick January 5/18 Down 63%) Ownership is very thin in this company and this has hurt the valuation dramatically and has gone no bid at times – falling 5% in value a day. They were very predatory in trying to win business and he has since lost faith in their strategy. He will no longer own this going forward.

(A Top Pick January 5/18 Down 63%) Ownership is very thin in this company and this has hurt the valuation dramatically and has gone no bid at times – falling 5% in value a day. They were very predatory in trying to win business and he has since lost faith in their strategy. He will no longer own this going forward.

This coil tubing and pressure pumping company with assets in the US has exposure in the Permian, which is temporarily slowing as infrastructure becomes constrained. In Canada, the market remains even weaker for service companies and there are rumours one of the big players is offering service rates at a 30% discount. The challenge for STEP-T it that their margins may be under pressure. He would not own this name right now.

This coil tubing and pressure pumping company with assets in the US has exposure in the Permian, which is temporarily slowing as infrastructure becomes constrained. In Canada, the market remains even weaker for service companies and there are rumours one of the big players is offering service rates at a 30% discount. The challenge for STEP-T it that their margins may be under pressure. He would not own this name right now.

He thinks it is pretty cheap right now. The company made an acquisition in Oklahoma giving them more fracing assets, which he likes. Investors are a little concerned about infrastructure capacity constraints in the Permian. He has a 12 month target price of $15 and is looking for an entry in this soon.

He thinks it is pretty cheap right now. The company made an acquisition in Oklahoma giving them more fracing assets, which he likes. Investors are a little concerned about infrastructure capacity constraints in the Permian. He has a 12 month target price of $15 and is looking for an entry in this soon.

The challenge is the recent acquisition in the U.S. early this year is being challenged by lower day rates there. He actually prefers Canadian exposure at this time. He thinks the lack of trading liquidity warrants the lower valuation relative to its peers. (Analysts’ price target is $16.75)

The challenge is the recent acquisition in the U.S. early this year is being challenged by lower day rates there. He actually prefers Canadian exposure at this time. He thinks the lack of trading liquidity warrants the lower valuation relative to its peers. (Analysts’ price target is $16.75)

He started coverage on this last month. He likes the company and management. They bought Tucker in the US. Book value is $7.63 and would be a very attractive buy if it gets close to book value. He has a 1 year target of $15.00 and a 3-5 year target of $30.00.

He started coverage on this last month. He likes the company and management. They bought Tucker in the US. Book value is $7.63 and would be a very attractive buy if it gets close to book value. He has a 1 year target of $15.00 and a 3-5 year target of $30.00.

They made an acquisition in the US. 78% if their revenues should be fracking and most of the rest is coil tubing. He thinks it is an attractive name to own. It's on his watch list as he does more work. If he is right it could be a $20 stock in the next 3-4 years.

They made an acquisition in the US. 78% if their revenues should be fracking and most of the rest is coil tubing. He thinks it is an attractive name to own. It's on his watch list as he does more work. If he is right it could be a $20 stock in the next 3-4 years.

Has been doing a good job diversifying their revenue to more US exposure, by recently buying Tucker, which is a niche pressure pumper in the US. This also diluted down ARC Financial from 66% to 61% ownership. Companies that have a large private equity sponsor get a liquidity discount. As ARC’s share diminishes, the discount will improve. Because of the pipeline uncertainty in Canada, people crave US exposure. They’ve been paying down debt and will be net cash next year. They trade at 3x enterprise value to free cash flow with a 19% cash flow yield. This could easily rise 50% to get back to a semblance of a normal multiple.

Has been doing a good job diversifying their revenue to more US exposure, by recently buying Tucker, which is a niche pressure pumper in the US. This also diluted down ARC Financial from 66% to 61% ownership. Companies that have a large private equity sponsor get a liquidity discount. As ARC’s share diminishes, the discount will improve. Because of the pipeline uncertainty in Canada, people crave US exposure. They’ve been paying down debt and will be net cash next year. They trade at 3x enterprise value to free cash flow with a 19% cash flow yield. This could easily rise 50% to get back to a semblance of a normal multiple.

One of his major holdings. He's very bullish on pressure pumping. Deal closed today where they bought a U.S. pressure pumper, Tucker. Will be accretive. They will have enough cash flow to buy back 90% of their stock--and there's a growing trend of buybacks in Canada and America. Step gives you exposure to the U.S. pressure pumping market. A cheap stock. It trades at 4.5x earnings and 2x EBITDA with growth potential in U.S.

One of his major holdings. He's very bullish on pressure pumping. Deal closed today where they bought a U.S. pressure pumper, Tucker. Will be accretive. They will have enough cash flow to buy back 90% of their stock--and there's a growing trend of buybacks in Canada and America. Step gives you exposure to the U.S. pressure pumping market. A cheap stock. It trades at 4.5x earnings and 2x EBITDA with growth potential in U.S.

Coming out of Arc Financial (private equity). Clean balance sheet. Trading at 1.9 times next year EBITDA. Historical average in Canada of a pumper is 7. Liquidity vacuum in the stock market is creating this opportunity. (Analysts’ price target is $18.20)

Coming out of Arc Financial (private equity). Clean balance sheet. Trading at 1.9 times next year EBITDA. Historical average in Canada of a pumper is 7. Liquidity vacuum in the stock market is creating this opportunity. (Analysts’ price target is $18.20)

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